Funding lifts risk; chips whipsaw.
Key Points
- Funding progress eased political risk, lowered yields, and lifted odds of a December Fed cut.
- NY Fed's Williams flagged technical Treasury buys to keep reserves ample, anchoring funding conditions.
- Atlanta Fed's Bostic backed holding rates until inflation trends to 2%, tempering near-term cut expectations.
- SoftBank's $5.83B Nvidia (NVDA) stake sale sparked chip volatility, partly offset by Foxconn's upbeat AI server demand commentary.
- U.S. stocks finished mixed as tech swings capped gains; Healthcare, Financials and Materials led while Energy lagged.
Global Market Summary
In Asia, the Hang Seng (HSI) rose 0.85% and the Nikkei 225 (NKY) added 0.43% while Shanghai’s 000001.SS slipped 0.07% as fiscal headlines supported risk sentiment. Europe outperformed with the DAX (DAX) up 1.22%, CAC 40 (FRA40) +1.04%, and FTSE 100 (UKX) +0.12% amid brighter risk appetite. U.S. equities finished mixed, with the S&P 500 (^GSPC) up 0.02% and the Nasdaq Composite (^IXIC) down 0.36% as tech volatility tempered support from easing yields and funding progress.
Top Movers
Sector leadership favored Healthcare (XLV +1.40%), Financials (XLF +0.85%) and Materials (XLB +1.01%), while Energy (XLE -1.43%), Consumer Discretionary (XLY -0.56%) and Real Estate (VNQ -0.41%) lagged; Technology (VGT -0.09%) was little changed. Notable gainers: MH +23.0%, CNTA +18.9%, ONON +18.1%, ORLA +14.9%, BBAI +13.1%. Notable decliners: DGNX -15.2%, CRCL -11.6%, DQ -10.1%, RGTI -9.3%, LB -8.8%.
Macro highlights
Progress toward a U.S. House vote on a funding bill eased political risk and coincided with lower Treasury yields, and traders priced a return of delayed economic data. NY Fed President Williams flagged potential technical Treasury purchases to maintain ample reserves, helping anchor funding conditions without signaling policy easing. Atlanta Fed’s Bostic favored holding rates until inflation clearly trends toward 2%, tempering expectations for additional near-term cuts.
News that moved markets
Funding progress in Washington lifted risk appetite and pressured Treasury yields intraday as traders increased odds of a December Fed cut. SoftBank’s $5.83B sale of a large Nvidia (NVDA) stake sparked volatility in chip names, partially offset by Foxconn’s upbeat AI server demand commentary (HNHPF). Amaze completed its purchase of The Food Channel. Clearlake agreed to buy Pathway Capital Management, while A. O. Smith, XTI Aerospace, IWG, Dispatch Energy, Nivel, Rain and 24 Seven unveiled deals spanning Leonard Valve, Drone Nerds, EMS Elektro Metall Schwanenmühle, Green Lantern Solar, Bolt Energy USA, Uptop and Markacy; Alpine Income Property Trust also acquired a Sam’s Club for $15.4 million.
What to Watch Tomorrow
- GB GDP MoM (SEP) — consensus 0% vs 0.1% prior, Nov 13, 2025, 07:00 AM | Shows monthly economic growth and near-term demand compared with the prior month.
- GB GDP Growth Rate QoQ Prel (Q3) — consensus 0.2% vs 0.3% prior, Nov 13, 2025, 07:00 AM | Measures quarterly growth momentum and compares activity to the prior quarter.
- GB GDP Growth Rate YoY Prel (Q3) — forecast 1.3% vs 1.4% prior, Nov 13, 2025, 07:00 AM | Reports annual growth to assess broader economic expansion versus the prior year.
- US Inflation Rate YoY (OCT) — forecast 3.1% vs 3% prior, Nov 13, 2025, 01:30 PM | Tracks annual inflation to gauge price pressures versus the prior reading.
Key Takeaways
- Funding progress pressured yields and supported risk appetite, with Europe outperforming.
- U.S. stocks were mixed as chip volatility tied to SoftBank's Nvidia (NVDA) sale offset the tailwind from lower yields.
- Healthcare, Financials and Materials outperformed; Energy, Discretionary and Real Estate lagged; Tech was little changed.
- Fed remarks anchored funding conditions while tempering near-term cut expectations.
References
- 1. https://www.reuters.com/world/china/global-markets-global-markets-2025-11-12/
- 2. https://www.reuters.com/business/finance/global-markets-view-usa-2025-11-12/
- 3. https://www.reuters.com/world/india/growws-parent-lists-12-premium-after-754-million-india-ipo-2025-11-12/
- 4. https://www.reuters.com/markets/
- 5. https://x.com/RoadMap_Tech/status/1988562537915265318
- 6. https://x.com/concall_/status/1988443202723139676
- 7. https://www.reuters.com/business/euro-zone-inflation-risks-may-be-tilted-upside-schnabel-argues-2025-11-12/
- 8. https://www.reuters.com/business/finance/fed-may-soon-start-buying-bonds-manage-market-liquidity-williams-says-2025-11-12/
- 9. https://www.reuters.com/business/feds-bostic-favors-no-change-rates-while-inflation-remains-greater-risk-2025-11-12/
- 10. https://home.treasury.gov/news/press-releases
- 11. https://www.consilium.europa.eu/en/press/press-releases/2025/11/12/macroeconomic-dialogue-with-the-social-partners-on-12-november-2025/
- 12. https://www.fxstreet.com/news/usd-cad-flat-lines-near-14000-on-hopes-over-us-shutdown-deal-fed-rate-cut-bets-202511120651
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